SBA Urges Hurricane Sandy Survivors In New York To Apply For Assistance Before Insurance Settlement
Homeowners and renters can apply for damages to their home, personal property and vehicles; businesses can apply for damages to real estate, business contents, economic losses
STATEN ISLAND, N.Y – If your Staten Island business, home or apartment was damaged by Hurricane Sandy, and are in need of a loan, the U.S. Small Business Administration (SBA) advises that you not delay in applying for disaster loan assistance from the agency.
The SBA is encouraging survivors of the storm in eligible New York counties to return their completed applications, even if they have not settled with their insurance company.
“Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance, and survivors may miss the application deadline,” said Frank Skaggs, director of SBA Field Operations Center East. “Returning the loan application is an essential part of the disaster recovery process.”
Homeowners and renters can apply for damages to their home, personal property, and vehicles. Businesses can apply for damages to their real estate or business contents and for economic losses.
If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.
BUSINESS RECOVERY CENTER IN WILLOWBROOK
Local experts are available to help you with the loan application process, said Dean L. Balsamini, director of the Small Business Development Center (SBDC) at the College of Staten Island, a local arm of the SBA.
“The SBA has taken an excellent step to expedite the process to assist those who have been impacted by super storm Sandy, and we are here to make things as easy as possible for Staten Islanders in need of assistance, Balsamini said. “The SBDC has set up a Business Recovery Center (BRC) at CSI that is working in concert with the SBA.”
The BRC may reached at 718 982-2560, 718-982-2495 and 718-982-2595.
Interest rates are as low as 1.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Website at https://disasterloan.sba.gov/ela.
Loan applications can be downloaded from www.sba.gov. Completed applications should be returned to a recovery center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is December 31, 2012. The deadline to return economic injury applications is July 31, 2013.
About the Small Business Development Center at the College of Staten
Since launching in1993, the expert advisors of the Staten Island SBDC have worked directly with 5,967 businesses, helping them to invest $130,806,466 in the area's economy, and create or save 4,172 jobs.
The SBDC at CSI is part of the New York State Small Business Development Center (NYS SBDC) -- the premier business assistance organization in New York State, which provides expert management and technical assistance to start-up and existing businesses across the state. The NYS SBDC is administered by State University of New York and funded by the U.S. Small Business Administration, the State of New York, and host campuses.
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